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Crackerneck Creek bond refinancing will safeguard Independence general fund bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Independence bond move aimed at protecting general fund, basic services By Mike Genet [email protected] The Examiner The city of Independence will borrow $45 million to refinance several bonds for the Falls at Crackerneck Creek development, extending some bond payments by six years to 2051, but with the plan that bond payments should not divert funds from basic city services. The City Council unanimously approved the deal Monday. The transaction has been in the works for well more than a year and much discussed at a handful of council meetings over the past several months, with interest rates at generally historic lows. The bonds will go for sale in June. ....
Independence Power & Light’s debt extensive, but considered stable Mike Genet [email protected] While the city of Independence recently paid off $10.6 million of Power & Light bonds about 15 years ahead of schedule, saving more than $4.5 million in interest payments, it still represents a small amount of the city utility’s total debt obligations. The $10.6 million, used from surplus cash, was part of what had been $151.5 million in outstanding bond payments through 2046, along with $91 million in future interest. Those bonds were issued to pay for a wide variety of projects, including plants no longer in use. In addition, the city is obligated long term for $290 million in bond payments through its power purchase agreements with the Nebraska City and Iatan (near Weston) coal plants, according to the city’s annual financial report issued in mid-2020. That includes $165 million through 2038 for the Iatan plant, which started in 2010; and $125 million ....
By Mike Genet [email protected] Independence Power & Light will use some of its surplus cash to pay off some bonds several years early, saving the city utility more than $4.5 million in interest payments. The City Council unanimously approved a payment of $10.6 million last week, covering the outstanding balance on more than $33 million of bonds issued more than 10 years ago for a series of maintenance projects. City Manager Zach Walker said the transaction pays off the bonds 15 years ahead of schedule. That decision was one of several the council made with long-term implications for IPL. The council also: • Set a policy of using cash surpluses first for debt reduction and then ratepayer relief. ....